Crédit Agricole

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Crédit Agricole S.A.
Type Société Anonyme
Traded as EuronextACA
Industry Financial services
Founded May 23, 2000
Headquarters Paris, France
Area served Worldwide
Key people Jean-Paul Chifflet (CEO), Jean-Marie Sander (Chairman)
Products Banking, asset management, insurance
Revenue Decrease 34.21 billion (2010)[1]
Operating income Decrease €8.166 billion (2010)[1]
Profit €3.611 billion (2010)[1]
Total assets €1.731 trillion (end 2010)[1]
Total equity €77.43 billion (end 2010)[1]
Employees 161,280 (end 2010)[1]
Website www.credit-agricole.com

Crédit Agricole S.A. is the largest retail banking group in France, second largest in Europe and the eighth largest in the world by Tier 1 capital according to The Banker magazine. It is also part of the CAC 40 stock market index.

It was the title sponsor of the Crédit Agricole professional road cycling team from 1997 to 2008.

Structure of the group[edit]

Emporiki Bank offices in Makariou Avenue, Nicosia, Cyprus. Emporiki bank was a subsidiary of Crédit Agricole. In October 2012, Emporiki Bank was sold by Credit Agricole to Alpha Bank for €1.

Crédit Agricole S.A. is majority owned by 39 French co-operative retail banks, Caisses Régionales de Crédit Agricole Mutuel. Its subsidiaries include:

  • Credit Agricole CIB, the investment banking division of Crédit Agricole.
  • Newedge, global futures and options brokerage serving institutional investors (50-50 joint venture with Société Générale).
  • CACEIS Investor Services, Asset servicing entity, joint venture with Natixis
  • CLSA, the Asian securities brokerage division.
  • Predica and Pacifica, the insurance divisions
  • Amundi, its asset management subsidiary, jointly with Société Générale.
  • Uni-Éditions, a French magazine publisher
  • ACBA Crédit Agricole, an Armenian bank
  • Cariparma FriulAdria, an Italian bank
  • Crédit Agricole Egypt, an Egyptian bank
  • Crédit Agricole Srbija, a Serbian bank
  • Crédit Agricole Romania, an Romanian bank
  • Crédit du Maroc, a Moroccan bank
  • LCL (previously Crédit Lyonnais), a French bank
  • Credit Agricole Bank Polska S. A. (previously Lukas Bank S.A.), a Polish bank
  • Credit Agricole Bank (Previously Index Bank), a Ukrainian bank
  • CA Grands Crus, a French vineyard owner
  • Crelan, a Belgian bank and insurer (50-50 joint venture).[2]
  • Cheuvreux[1]

Crédit Agricole Cheuvreux recently merged with Kepler Capital Markets [2][3]

Kepler Capital Markets is a European broker, which was acquired by its senior managers after its parent Icelandic company Landsbanki's bankruptcy. Kepler Capital Markets is now owned at 42% by CDC, Credit Mutuel and Blackfin, a Paris based private equity firm. [4][5][6]

Key services[edit]

Through its subsidiaries, Crédit Agricole SA is involved in the following services:

  • French Retail Banking
  • International Retail Banking
  • Specialised Financial Services
  • Asset Management, Insurance and Private Banking
  • Corporate and Investment Banking

Market presence[edit]

The Caisses Régionales (e.g. Crédit Agricole Normandie in the Lower Normandy region) mainly focus on rural areas and less on urban ones. However, the Crédit Lyonnais subsidiary has a significant presence in the big cities; the combination gives the Crédit Agricole group a leading market share in France.

Through all of its subsidiaries, Crédit Agricole SA has in excess of 21 million clients and a presence in over 60 countries.

The current objective of the group is to develop a strong presence in various other European banking markets by acquiring stakes in local banks in other countries.[citation needed]

In 2008, the Group was listed as the #2 largest cooperative in the world, by the International Cooperative Alliance.[3]

Credit Agricole left the Greek market in October 2012 after it agreed to sell Emporiki Bank to Alpha Bank for a token price of €1, ending a six year investment in the debt-ridden country.[4]

In January 2014, Credit Agricole agreed to sell its Bulgarian unit to the Bulgarian bank Corporate Commercial Bank for an undisclosed sum as part of an initiative to reduce its risk-weighted assets.[5]

Head office[edit]

Head office in Paris, near Montparnasse station.

The head office is located in the 15th arrondissement of Paris, 91-93 boulevard Pasteur. The building was inaugurated in 1966. Edgar Faure, the Minister of Agriculture, was supposed to attend the inauguration but was in a negotiation in Brussels. Faure's predecessor, Edgar Pisani, cut the ribbon for the building. After renovations to the Crédit Agricole head office occurred in 1995 and 1997, the employees who were formerly based in the Tour Montparnasse moved into the CA head office.[6]

Controversies[edit]

  • In September 2007 Credit Agricole had to book a €250 million charge related to an unauthorized trading loss at its New York subsidiary.
  • On April 18, 2008, Credit Agricole revealed that it would post $1.2 billion in losses related to subprime mortgage securities. In May 2008 Credit Agricole sought to raise €5.9 billion in equity capital from its shareholders. The shares controversially sold off from €19 to €6 over the successive period as the financial crisis escalated.
  • In May 2008 Credit Agricole identified €5billion of asset disposals including the bank's 5.6 percent stake in Italian bank Intesa Sanpaolo, which was worth an estimated €3 billion.
  • The group purchased in August 2006 Empiriki bank for €2.2 billion which it later sold for one euro after suffering €6 billion of losses in the investment. http://www.vulpesinvest.com/ttmygh/Grant_20121008_ttmygh.pdf
  • In 2010 the French government's Autorité de la concurrence (the department in charge of regulating competition) fined eleven banks, including Crédit Agricole, the sum of 384,900,000 Euros for colluding to charge unjustified fees on check processing, especially for extra fees charged during the transition from paper check transfer to "Exchanges Check-Image" electronic transfer.[7][8]

See also[edit]

References[edit]

  1. ^ a b c d e f Entire Crédit Agricole group, including regional co-operative banks. "Annual Report 2010". Crédit Agricole. Retrieved 22 April 2011. 
  2. ^ http://crelan.be/nl/algemeen/artikelen/groep-landbouwkrediet
  3. ^ http://www.global300.coop/Global300List.aspx
  4. ^ Fabio Benedetti-Valentini and Elisa Martinuzzi (17 October 2012). "Credit Agricole Exits Greece Taking Profit Hit on Unit". Bloomberg. 
  5. ^ James Regan (22 January 2014). "Credit Agricole agrees sale of Bulgarian unit". Reuters. 
  6. ^ "Crédit Agricole SA : une inauguration avec un ministre de substitution." Le Journal du Net. Retrieved on 16 September 2010.
  7. ^ 3rd UPDATE: French Watchdog Fines 11 Banks For Fee Cartel , Elena Bertson, Dow Jones News Wires / Wall Street Journal online, retr 2010 9 20
  8. ^ Collusion in the banking sector, Press Release of Autorité de la concurrence, République Française, 20 September 2010, retrv 2010 9 20

External links[edit]